finance and administration

A diverse group of protestors hold signs calling for the cancellation of school loan debt

Arkansas officials: No determination yet on tax liability for student loan forgiveness

BY: - August 29, 2022

Arkansas tax authorities haven’t yet decided whether borrowers must pay state income tax on canceled debt under President Joe Biden’s student loan forgiveness plan. Discharged debt is typically taxable as income. However, under the American Rescue Plan Act, student loan forgiveness between 2021 and 2025 is not subject to federal taxes. ¬†Arkansas is one of […]